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Feb 13, 2013
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>> deficit impact was a slight deficit reduction. the costs of the coverage expansion may be what you are referring to over the 10-year window at the time. i don't know that number off hand. the number of that and the cost of coverage expansion over 10 years we think would be smaller by a little bit than we thought at the time, but the budget window, the 10 years we provide projections for has moved out to 2023 and increases the current 10-year costs. >> and and again, switching subjects for a minute, does the c.b.o. look at unfunded obligations like what the acktue article obligations are of social security, medicare, medicaid? does c.b.o. look at those? >> yes, long-term budget outlook, we include the costs of those programs and comments on the social security trust fund. >> you discount those back and say this is what the net unfunded obligation is for social security today? >> yes, we do, congressman. >> do you have the numbers off the top of your head? >> i'm sorry, i don't. but it is substantial. >> trillions of dollars between
>> deficit impact was a slight deficit reduction. the costs of the coverage expansion may be what you are referring to over the 10-year window at the time. i don't know that number off hand. the number of that and the cost of coverage expansion over 10 years we think would be smaller by a little bit than we thought at the time, but the budget window, the 10 years we provide projections for has moved out to 2023 and increases the current 10-year costs. >> and and again, switching...
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Feb 6, 2013
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this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not seem to be able to get your message across. i know you are frustrated. it is not a spending problem. of course it is a spending problem. we never have budgets like this, throwing money at all times of all kinds of different programs. how many more democrats talk about, i did not cheat on my wife, i only did it when her cancer was in remission. guest: the caller has raised a number of different points. one point, the overarching theme of his call was the frustration he has of republicans getting the message out. i do appreciate c-span allowing us
this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not...
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Mar 20, 2013
03/13
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our focus is on jobs and the jobs deficit as a way to tackle the budget deficit. with that, i'm pleased to yield three minutes to my colleague and friend from maryland, the distinguished whip, mr. hoyer. the chair: the gentleman is recognized for three minutes. without objection, so ordered. mr. hoyer: i first want to thank the ranking member for the work that he's done on this budget. that he offers us an alternative. it is a reasonable alternative that can be implemented. to that extent it's a stark difference to the majority's proposal which will not be implemented and they know it. let me start with an observation. headline blunt report says g.o.p. needs to regroup for 2016. in that there is this sentence from the report, not from a democrat, not from the newspaper, not from an editorial writer, quote, we have become expert, we being the republican party report, we have become expert in how to provide ideological reinforcement to like-minded people. with all due respect to my friend, mr. ryan, that's what his budget is. it is a vision. it is a vision that will
our focus is on jobs and the jobs deficit as a way to tackle the budget deficit. with that, i'm pleased to yield three minutes to my colleague and friend from maryland, the distinguished whip, mr. hoyer. the chair: the gentleman is recognized for three minutes. without objection, so ordered. mr. hoyer: i first want to thank the ranking member for the work that he's done on this budget. that he offers us an alternative. it is a reasonable alternative that can be implemented. to that extent it's...
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Feb 6, 2013
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year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank you, madam chairman. i ask unanimous consent to claim time in opposition even though i am not. the chair: the gentleman is recognized. mr. van hollen: thank you, madam chairman. i think it's very useful to let everybody in the country know exactly what the debt and deficit will be on a per capita basis. we in congress can of course do the math. i think it's no problem asking the president to run that calculation as well. again, i want to emphasize the fact there is agreement on reducing the deficit. the real differences here are over how we do
year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank...
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Mar 19, 2013
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the immoral idea that we are going to put more on our plate now, add up deficit after deficit and create a bigger and bigger debt and then make people who don't even exist yet pay for it. why is that political? because, you know what, mr. chair? the people in the here and now can vote. generations in the future, our grandkids who don't exist can't vote. and that's what makes the other approaches we have heard about immoral, wrong political. we balance. we balance within 10 years. let's contrast that a bit. our responsible approach to what the senate democrats have done, for example. next year alone the senate democrat budget increases spending by $162 billion above what we are spending today. over 10 years, increases the delebt by $7.3 trillion from today's levels despite a massive tax hike that they have. and it adds $1.5 trillion in new taxes. even after that, they still add to the debt, our kids' debt by $7.3 trillion. and again, mr. chair, it never balances. after four years and $6 trillion in debt since a budget was last even passed, the senate democrats' proposal leaves more debt a
the immoral idea that we are going to put more on our plate now, add up deficit after deficit and create a bigger and bigger debt and then make people who don't even exist yet pay for it. why is that political? because, you know what, mr. chair? the people in the here and now can vote. generations in the future, our grandkids who don't exist can't vote. and that's what makes the other approaches we have heard about immoral, wrong political. we balance. we balance within 10 years. let's contrast...
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Mar 5, 2013
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but let's reduce that deficit. let's reduce that deficit. and it's important to note that this debate happened in a week that we will be taking up the continuing resolution. four days since the sequester went into effect. the continuing resolution that the republicans were putting forth is a bill that reinforces -- reinforces the sequestration. so what does that do federal reserve chairman ben bernanke, take it from him, he told congress last week that the cuts of this size made this quickly would hurt hiring and income, slow the recovery, and cost the economy 750,000 jobs this year, and keep deficits larger than otherwise. so we are not reducing the deficit by what is really happening on the major legislation coming to this floor last week and this week in terms of sequester and continuing resolution. that's what we should be doing is figuring out a way to get rid of the sequestration. what does sequestration mean? whatever its latin roots, it equals job loss. 750,000 by the estimate of the chairman of the fed. and why are we -- what is the
but let's reduce that deficit. let's reduce that deficit. and it's important to note that this debate happened in a week that we will be taking up the continuing resolution. four days since the sequester went into effect. the continuing resolution that the republicans were putting forth is a bill that reinforces -- reinforces the sequestration. so what does that do federal reserve chairman ben bernanke, take it from him, he told congress last week that the cuts of this size made this quickly...
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Feb 12, 2013
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so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon
so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare,...
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Apr 10, 2013
04/13
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our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit reduction that independent economists believe we need to stabilize our finances, but it does so in a balanced and responsible way, a way that most americans prefer. both parties, for example, agree that the rising costs of caring for an aging generation is the single biggest driver of our long-term deficits. and the truth is for those like me who deeply believe in our social insurance programs think it's one of the core things that our government needs to do if we want to keep medicare working as well as it has, and we want to preserve
our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit...
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Jan 23, 2013
01/13
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we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as medicare, medicaid and social security. without reform, spending will remain on an unsustainable path while the medicare and social security trust funds are emptied before the majority of americans currently are paying in even qualified to become beneficiaries of those programs. today's legislation will allow us to work with the senate in achieving this long-term deficit solution we know would meet the needs of americans. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from michigan. mr. levin: i yield one minute to the
we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as...
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Feb 5, 2013
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is recognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legisl
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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Apr 11, 2013
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we won't deficit spend. who would have believed that when they took over as a majority, that within two years they would have tripled, basically tripled the amount of deficit spending, so much for the promise that we're going to cut deficit spending, so the 60 billion or so went to $458.5 billion, about tripled the deficit, and then who could have possibly imagined that during president obama's first year in office, when democratic control was of both the house and the senate, that they would have the nerve to not run $160 billion deficit, as they said they would never do, or the $458 billion deficit, nearly three times as much as 2008, but that they would go 10 times that amount of $160 billion and hit about $1.6 trillion in deficit spending? i mean, there are several markers being laid down in this ountry that make it very clear crash is country is on a course. there are no seatbelts, there are no harnesses, there are no air bags. e are barreling down this road to a definite end. unless we get this thing u
we won't deficit spend. who would have believed that when they took over as a majority, that within two years they would have tripled, basically tripled the amount of deficit spending, so much for the promise that we're going to cut deficit spending, so the 60 billion or so went to $458.5 billion, about tripled the deficit, and then who could have possibly imagined that during president obama's first year in office, when democratic control was of both the house and the senate, that they would...
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Jan 14, 2013
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the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more than debt reduction. they have a vision about what government should and should not do. they are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. they have suspicions about social security. they have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research. they have a particular view about what government should do and should be. that deal was
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more...
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Mar 19, 2013
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on the jobs deficit to help deal with the budget deficit. now, we also reduce the deficit in a steady, sustained way. we do it with balance. we do it with targeted cuts, but we also do it, mr. chairman, by eliminating some of the tax breaks and tax expenditures for very high-income individuals. we heard from governor romney and we heard from the chairman of the budget committee last fall and this year that there are trillions of dollars of tax expenditures that disproportionately benefit very wealthy people. so the republican plan, they said we'll get rid of your tax expenditures for high-income people, but we'll bring down your top rate. so in the end the folks at the top get a very big windfall. we say let's eliminate some of those tax breaks for very wealthy people in order to help reduce our deficit, so when you combine that savings with targeted cuts, you can reduce it in a balanced way rather than increasing the tax burden on the middle class which is what their budget will do. we also want to make sure we keep our commitments to our s
on the jobs deficit to help deal with the budget deficit. now, we also reduce the deficit in a steady, sustained way. we do it with balance. we do it with targeted cuts, but we also do it, mr. chairman, by eliminating some of the tax breaks and tax expenditures for very high-income individuals. we heard from governor romney and we heard from the chairman of the budget committee last fall and this year that there are trillions of dollars of tax expenditures that disproportionately benefit very...
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Mar 5, 2013
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we should reduce the deficit and this bill does nothing to reduce the deficit. what we need to do is make sure that we get our deficits under control, that we stabilize the debt and that we make smart choices for the people in this country. yes, there is a difference of opinion. we believe that as part of reducing the deficit we should make targeted smart cuts but we should also cut some of those tax loopholes. now the gentleman mentioned that we passed a tax increase on $600 billion over the next 10 years. that's right. we said for higher income earners you'll pay the same rates as you did during the clinton administration. but the gentleman suggested that budget history began on january 1 of this year. we were all here, not everybody, but most of us when we passed the budget control act in the summer of 2011. what did we do in that act? we capped spending. $1.5 trillion in spending reductions. that was the right thing to do. now we've done $600 billion in revenue. so i think most people can do the math on this. we are not even close to the kind of ratios that
we should reduce the deficit and this bill does nothing to reduce the deficit. what we need to do is make sure that we get our deficits under control, that we stabilize the debt and that we make smart choices for the people in this country. yes, there is a difference of opinion. we believe that as part of reducing the deficit we should make targeted smart cuts but we should also cut some of those tax loopholes. now the gentleman mentioned that we passed a tax increase on $600 billion over the...
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Apr 9, 2013
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if you take a balanced approach to deficit reduction. you do not need to do what the house republican budget does, which is -- institute deep, deep cuts and investments that will help our economy grow in the future and building our roads and bridges and airports and schools, investing in innovation and job training and other aspects of our economy that help the american people take the job that will be available in this 21st century economy. nstead they cut these programs dramatically. they block grant medicaid leaving families who have kids with disabilities in the lurch. they voacherize medicare and shift costs. the president is interested in reducing the costs of health care because it drives our debt and deficit challenges. that is one of the aspects of the affordable care act that is often underreported that it addresses the costs, long-term, of health care. and the president is interested in that and has taken action on that and will continue to take action on that. he is not interested in the proposition that we should just dump c
if you take a balanced approach to deficit reduction. you do not need to do what the house republican budget does, which is -- institute deep, deep cuts and investments that will help our economy grow in the future and building our roads and bridges and airports and schools, investing in innovation and job training and other aspects of our economy that help the american people take the job that will be available in this 21st century economy. nstead they cut these programs dramatically. they...
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Feb 12, 2013
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that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is that correct? >> yes, that's right. >> and you don't see unless something changes, any improvement in the outyears but your report would indicate that your report the upward trajectory -- and is that an unsustainable path? >> as others have said, debt cannot rise indefinitely as a share of g.d.p. and our projections show debt rising relative to g.d.p. in the back half of this coming decade. >> so i think -- and it increases the risk as bowles and simple son told us was inevitable if we don't change this unsustainable path, would you agree? >> in the longer
that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is...
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May 31, 2013
05/13
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offer was we try to deficit neutral. the -- the amendment we tried to offer was deficit neutral. you get the difference? of the pick the worst market, or you can pick the best of the market. they have chosen to pick the worst of the market for these students. they had options. publicans last night had options. -- republican + had options. one offered an amendment to keep the rate at 3.4%, they rejected it. i offered be president of the report -- the president's approach, they rejected it. students continue to pay on time, as they should, because you want good behavior because you get more of it very -- it. they rejected that. mr. rice went before them, very concerned about the interest rate. very concerned about what is going to happen to these families feared he thought he could lower the interest rate within the market rate, stick with the market principle. they said no. so all you got today is whether or not you want a solution that is worse than the doubling of the interest rate on july 1. that is not an answer for america's families. that is not an answer for america's stude
offer was we try to deficit neutral. the -- the amendment we tried to offer was deficit neutral. you get the difference? of the pick the worst market, or you can pick the best of the market. they have chosen to pick the worst of the market for these students. they had options. publicans last night had options. -- republican + had options. one offered an amendment to keep the rate at 3.4%, they rejected it. i offered be president of the report -- the president's approach, they rejected it....
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Mar 8, 2013
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this is the way i economists tend to think about the deficit, how large is the deficit relative to the size of the economy. and you can see that the federal budget deficits as a share of gdp has already fallen by 3.1% over the past three years. this is the fastest three-year pace of deficit reduction since the late 1940's, as you can see in this chart. and this next chart shows cbo's protection under current law, and this shows that the deficit will continue to fall at its fastest post-war pace this year and next year, and then after bottoming in 2015, slowly rise to about 3.8% of gdp by 2022. now, the cbo projection is under current law, which includes the sequester. path, of very rapid deficit reduction over the next couple years, and fix near term pain to the recovery and to american families, but it does not stabilize and our finances. to stabilize the debt of the to the size of the economy, we need the deficit to fall below 3% and stay there. that is why we set a target of $4 trillion over the next 10 years. so we are most of the way there, but we need to finish the job. and the s
this is the way i economists tend to think about the deficit, how large is the deficit relative to the size of the economy. and you can see that the federal budget deficits as a share of gdp has already fallen by 3.1% over the past three years. this is the fastest three-year pace of deficit reduction since the late 1940's, as you can see in this chart. and this next chart shows cbo's protection under current law, and this shows that the deficit will continue to fall at its fastest post-war pace...
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Mar 6, 2013
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the deficit. we can address it with more revenue, which is what i strongly recommend, and we could also address it with very important cuts. we've got to have a balanced approach to deficit reduction. and so i have come to the floor today to strongly oppose this rule. mr. speaker, i don't like the way h.r. 933 evolved. we read about it in the news media this weekend. we returned to washington on monday afternoon and there it was posted. we were told the rule would be taken up today and we would be voting on it tomorrow. then a snowstorm came into this capitol city and now we are vote -- capital city and we are voting on the rule and c.r. today and leaving town. that is not the way to do it. the republican majority has been elected to move with the bill that provides new funding levels and flexibility to just the department of defense and military construction and veterans. while keeping the antiquated funding levels for the remaining 10 appropriations bills. mr. speaker, i believe that if we got s
the deficit. we can address it with more revenue, which is what i strongly recommend, and we could also address it with very important cuts. we've got to have a balanced approach to deficit reduction. and so i have come to the floor today to strongly oppose this rule. mr. speaker, i don't like the way h.r. 933 evolved. we read about it in the news media this weekend. we returned to washington on monday afternoon and there it was posted. we were told the rule would be taken up today and we would...
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Apr 9, 2013
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in fiscal year 1993 he deficit was $255 billion. congressional budget office now projects the deficit for this country to be $845 billion. that will be the first time in five years that the deficit actually dipped below $1 trillion. in 1993 debt as a percentage of gross domestic product was 49%. today it's approaching 76%. the grand budget compromise that i believe we need to address this fiscal crisis must have, i think, three essential elements. it must address both spending and revenues in a balanced approach. must rein in the cost of our entitlement programs in a way that do not disadvantage our sabotage the poor or elderly. it must demand that better management of our government programs, something that senator coburn has already referred to. we ought to deliver better services to the american people at a lower cost in almost everything that we do. this committee is important partner with the office of management and budget in all of these areas, but especially in ensuring that our government achieves better result for less tax
in fiscal year 1993 he deficit was $255 billion. congressional budget office now projects the deficit for this country to be $845 billion. that will be the first time in five years that the deficit actually dipped below $1 trillion. in 1993 debt as a percentage of gross domestic product was 49%. today it's approaching 76%. the grand budget compromise that i believe we need to address this fiscal crisis must have, i think, three essential elements. it must address both spending and revenues in a...
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Feb 28, 2013
02/13
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the deficit. but as he pointed out in his testimony, and i will quote him directly, he said that it would have adverse effects on jobs and income. and a slower recovery would lead to less actual deficit reduction , end quote. so here we are hearing from the head of the federal reserve, and many economists that sequestration will literally hurt the deficit, hurt our economy, and hurt jobs. why we can't agree on a measured, balanced approach that targets certain areas, such as tax loopholes, why in the world are we giving tax deductions to companies that move jobs overseas? we should be getting tax incentives to people who create jobs in america not those who move their companies and their jobs overseas. why are we giving up to 40% subsidies to very profitable oil companies that are making profits? why are we doing that when we are going to be turning around and because of the sequestration cutting teachers, the very investment that we need for the future? and teaching is one of the professions that
the deficit. but as he pointed out in his testimony, and i will quote him directly, he said that it would have adverse effects on jobs and income. and a slower recovery would lead to less actual deficit reduction , end quote. so here we are hearing from the head of the federal reserve, and many economists that sequestration will literally hurt the deficit, hurt our economy, and hurt jobs. why we can't agree on a measured, balanced approach that targets certain areas, such as tax loopholes, why...
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Mar 21, 2013
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we have a jobs deficit. we have a budget deficit. and these are the byproducts of a leadership deficit. we still have no budget from the president, in violation of the law. he gets his ncaa bracket in on time but still no budget. this is the fourth time in five years. he set a new record this year, two months with no plan, while we had trillion-dollar deficits and a debt crisis on the horizon. his party leaders, unfortunately, failing offering a serious account of our challenge. no serious plan to grow our economy or create jobs. no plan to ever balance the budget. take more. trillions of dollars more to spend more in washington. that's what got us in this mess in the first place. so what can be done? the good news is that we now have a vehicle for regular order. the democrats derailed the budget process each of the last few years and stopped governing when they stopped budgeting. at least we now have a budget process that's moving. we brought them back in the game this spring. that's a good thing. so what's going to happen in the we
we have a jobs deficit. we have a budget deficit. and these are the byproducts of a leadership deficit. we still have no budget from the president, in violation of the law. he gets his ncaa bracket in on time but still no budget. this is the fourth time in five years. he set a new record this year, two months with no plan, while we had trillion-dollar deficits and a debt crisis on the horizon. his party leaders, unfortunately, failing offering a serious account of our challenge. no serious plan...
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Feb 19, 2013
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while a plan to reduce our deficit has to be part of the agenda, but deficit reduction alone is not an economic plan. we learned in the 1990's when bill clinton was president that nothing shrieks of deficit faster than a growing economy that creates good, middle-class jobs. that should be the focus, they can america a magnet for good jobs and equipping our people with the skills required to fill those jobs and that their hard work leads to a decent living. those are the things we should push ourselves to think about every day. that is what the american people expect. that is what i will work on every single day to help deliver. i need everybody who is watching today to understand we have a few days. congress could do the right thing. we could avert just one more washington-manufactured problem that slows our recovery and that would do right by first responders, america's middle class, and what i will be working and fighting for over the next few weeks and years. thank you very much, everybody. thank you for your service. [applause] >> congress is out this week, but congressional leader
while a plan to reduce our deficit has to be part of the agenda, but deficit reduction alone is not an economic plan. we learned in the 1990's when bill clinton was president that nothing shrieks of deficit faster than a growing economy that creates good, middle-class jobs. that should be the focus, they can america a magnet for good jobs and equipping our people with the skills required to fill those jobs and that their hard work leads to a decent living. those are the things we should push...
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Jan 1, 2013
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having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be a drop-off of 30% in terms of social security benefits. so, we of 20 years. we can wait to do something, or we can do something soon, maybe even this year, 2013. that is what i would like to see. i am preparing legislation which will call for the creation of a commission with a simple assignment, come up with a plan for a 75 year solvency of social security. when you haven't and it has been certified to be a valid plan, -- have its and it has been certified to be a valid plan, bring it to congress where it can be passed without a filibuster. to haveve this chance this debate
having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be...
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Mar 14, 2013
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speaker, 70% of americans want this deficit reduced. i imagine those numbers are probably higher in nebraska where i live where fiscal responsibility is the core characteristic of family life and business ethics as well as good government. people know economically, that you can't spend more than you have. citizens also want to see their government act in a reasonable fashion. mr. speaker, the federal budget deficit has been running more than $1 trillion in the last few years and our cumulative debt will top $17 trillion this year, the size of our overall economic output in the country. the overspending and debt are serious impediments to economic recovery and they create national security problems. . some want to halt any spending reductions at all. i don't think this is an option. washington must begin living in the real world. something must be done. two principles should be at work here. there must be reasonable budgetary reductions while at the same time there must be deliberate delivery of a smart and effective government service.
speaker, 70% of americans want this deficit reduced. i imagine those numbers are probably higher in nebraska where i live where fiscal responsibility is the core characteristic of family life and business ethics as well as good government. people know economically, that you can't spend more than you have. citizens also want to see their government act in a reasonable fashion. mr. speaker, the federal budget deficit has been running more than $1 trillion in the last few years and our cumulative...
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Feb 28, 2013
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he has put forward budget deficit reduction proposals, significantly deficit reduction through spending cuts. but he insists on balance. first of all, the president will be meeting with them on friday and spoke with them last week and spoke with them on capitol hill. the senate is still yet to vote and hopefully tomorrow that will achieve the postponement of the sequester deadline to allow congress to move forward in a sensible, no-drama fashion that would avoid these unnecessary impacts across the economy and the country and hopefully, you know, republicans will change their minds about filibustering that and allow a majority of the senate to pass a bill that would achieve that delay in a balanced way. move it to the house and perhaps, again, hope springs eternal, the speaker would allow that to come to a vote. there is a very good chance that there is a majority in the house of representatives that would support a simple proposition, which is we can postponethe deadline for the sequester in a balanced way, just as congress did in bipartisan fashion just two months ago. why not do that
he has put forward budget deficit reduction proposals, significantly deficit reduction through spending cuts. but he insists on balance. first of all, the president will be meeting with them on friday and spoke with them last week and spoke with them on capitol hill. the senate is still yet to vote and hopefully tomorrow that will achieve the postponement of the sequester deadline to allow congress to move forward in a sensible, no-drama fashion that would avoid these unnecessary impacts across...
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Mar 25, 2013
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of the highest deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and our grandchildren. withl not take that gamble the future of this country, especially when those representations came from the very same people whose previous candle w have the economy led te mess we are cleaning up in the first place. , theeputy speaker spending reductions we promised have been more than delivered. welfare reforms have been legislated for and are taking place. here is a clear sign of progress -- the proportion of national income spent by the state has fallen from 47 point four percent three years ago to 43.6% toay, and it is on course reach 40.5% at the end of the period. we set out our deficit plan and are delivering that plan. taking together, the measures i will announce today are fiscally neutral overall. ask the british people and they will tell you, our problem is a country is not the way -- not that we ar
of the highest deficits in the western world. that would pose a huge risk to the stability of the british economy, threaten a sharp rise in interest rates, and leave the burden of debt to our children and our grandchildren. withl not take that gamble the future of this country, especially when those representations came from the very same people whose previous candle w have the economy led te mess we are cleaning up in the first place. , theeputy speaker spending reductions we promised have...
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Jan 1, 2013
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our deficit this year alone is likely to be about $1.3 trillion. this would reduce it down to $1.24 trillion. with the $60 billion of new revenue that it gains. most importantly it sets up three more fiscal cliffs over the next three months. when appropriation spending expires on march 27, when the debt ceiling has to be increased at the end of february, and when the sequester has to be dealt with at the very same time. so all we have done is to stumble forward and to an even less predictable situation with far fewer resources to invest in our nation and our children's future. thank you, mr. speaker. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from missouri seek recognition? >> mr. speaker, to address the house for one minute. the speaker pro tempore: without objection, the gentleman from missouri is recognized for one minute. mr. cleaver: thank you, mr. speaker. i don't particularly like the bill that's going to come to the floor. i'm going to vote for it. the reason is that i stumbling through on
our deficit this year alone is likely to be about $1.3 trillion. this would reduce it down to $1.24 trillion. with the $60 billion of new revenue that it gains. most importantly it sets up three more fiscal cliffs over the next three months. when appropriation spending expires on march 27, when the debt ceiling has to be increased at the end of february, and when the sequester has to be dealt with at the very same time. so all we have done is to stumble forward and to an even less predictable...
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in fact, we bring deficits down right away. this shows you how our deficit path goes down precipitously to begin with to the point are we end up with a surplus in 2023. in the 1990's, democratic president worked with a republican congress to balance the budget. this is a goal that both parties have been able to achieve consensus on achieving in the past. it is something we ought to do again. number 3 -- this is the picture that should scare everybody. this is the picture that shows the path we are on today. we know without a shred of doubt we are consigning the next generation to an inferior standard of living. we know just like in europe we are facing a debt crisis in this country, and a debt crisis hurts everybody. but the people who a debt crisis hurts the most are the poor, the elderly, the people who get hurt first and worst in a debt crisis. so we are addressing the most printable debt crisis in this country's -- the most predictable debt crisis in this country's history. the green line shows you the debt reduction path w
in fact, we bring deficits down right away. this shows you how our deficit path goes down precipitously to begin with to the point are we end up with a surplus in 2023. in the 1990's, democratic president worked with a republican congress to balance the budget. this is a goal that both parties have been able to achieve consensus on achieving in the past. it is something we ought to do again. number 3 -- this is the picture that should scare everybody. this is the picture that shows the path we...
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Jan 1, 2013
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cut the deficit. however, we can cut the deficit by taxing the wealthy more and $250,000 is wealthy. they also will not consider cutting corporations loopholes or raising taxes on corporations. they will not consider cutting military even though we have gotten out of one war. if we cut poor people top fund military corporations and the wealthy we're going to hurt our economy. it's going to -- our economy is going to tank. host: that is joeian. once again, waiting for house to come back -- they are in recess subject to the call of the chair. as our guests of the "washington times" told us when they come back into the session, the rules committee has to come back first to create the rules for the current senate bill or amend the bill. we have a lot going on today on this first year of 2013. this is the current 112th congress. the new congress gets seated, 113th congress gets seated on thursday. a lot of these members that are taking part in the discussion will not be in the next congress. so that new co
cut the deficit. however, we can cut the deficit by taxing the wealthy more and $250,000 is wealthy. they also will not consider cutting corporations loopholes or raising taxes on corporations. they will not consider cutting military even though we have gotten out of one war. if we cut poor people top fund military corporations and the wealthy we're going to hurt our economy. it's going to -- our economy is going to tank. host: that is joeian. once again, waiting for house to come back -- they...
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May 13, 2013
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even as we reduce deficits. he served as the special assistant to the president for economic policies and the deputy director of the national economic council. has earned a well deserved reputation for taking a tremendous amount of economic data, synthesizing, and translated to a series of viable measures for the economic team and translated into terms that someone like i can understand. he has helped our country recover from the recession. who understands arefiscal policies intrinsically important to the prosperity of the american eople. right over his left shoulder is professorknowledge and his mom is an engineer. he has clearly in her it did is clearlys -- he inherited those smarts. before going to yale law school he's spent time doing lc with carnegie endowment, the center for global development, and the center for american progress. i think he realizes he has the brainpower to pursue whatever percussion he chooses, but he has a passion for public policy. he has specifically a passion for finding ways for ou
even as we reduce deficits. he served as the special assistant to the president for economic policies and the deputy director of the national economic council. has earned a well deserved reputation for taking a tremendous amount of economic data, synthesizing, and translated to a series of viable measures for the economic team and translated into terms that someone like i can understand. he has helped our country recover from the recession. who understands arefiscal policies intrinsically...
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Feb 20, 2013
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there's been $2.5 trillion in deficit reduction. it has not been pretty but under this president's leadership that has happened. by a margin of 2:1 that has been achieved. the idea that we're done with revenue suggests that the proposals that the speaker of the house said that he was willing to embrace last year that included up to $800 billion in revenue from tax reform are no longer worthwhile. the loop holes that should be closed, that is no longer good policy. why was it good policy back in december to eliminate tax breaks for the larm carp operations. why was it a good policy then but not now? why it is better to preserve those tax breaks now than to preserve the jobs of average americans around the country who would lose those jobs if the sequester goes into effect. if you ask where the president's plan, it has been there. it is on white house.gov. the speaker walked away from it. >> that was the budget plan for the long term. how do you prevent sequestration from taking -- >> congress has to act. the president could do this h
there's been $2.5 trillion in deficit reduction. it has not been pretty but under this president's leadership that has happened. by a margin of 2:1 that has been achieved. the idea that we're done with revenue suggests that the proposals that the speaker of the house said that he was willing to embrace last year that included up to $800 billion in revenue from tax reform are no longer worthwhile. the loop holes that should be closed, that is no longer good policy. why was it good policy back in...
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Mar 23, 2013
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guest: republicans were hitting deficit spending that the budget that the cr isn't addressing the deficit problem. you put two words on a credit card and didn't pay for them and that's why we have deficit. the war funding is an interesting element. it was a fight between democrats and republicans. democrats cut spending. how they arrived at savings in their bument and republicans said those numbers aren't realistic. host: trnt republicans say thrg have been increases in spending by the obama administration at pushed the debt from five or six years ago guest: how much debt there was when president obama came to office and how much debt there is now. that is the consistent argument it's getting worse. when you compare the ryan budget to the senate democrats budget there is a different pace of spending, both of them increase spending over time but the democrats by a lot more. host: go ahead bob. caller: we won't really know what's in this thing until the cover is pulled off. we can't trust the media to tell us the truth. and you should really when you have politico on, you should mention if
guest: republicans were hitting deficit spending that the budget that the cr isn't addressing the deficit problem. you put two words on a credit card and didn't pay for them and that's why we have deficit. the war funding is an interesting element. it was a fight between democrats and republicans. democrats cut spending. how they arrived at savings in their bument and republicans said those numbers aren't realistic. host: trnt republicans say thrg have been increases in spending by the obama...
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Mar 13, 2013
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makes that job deficit work. unfortunately this republican budget fails that very simple test. the nonpartisan, independent, congressional budget office has shown that the approach taken in this budget will result in 750,000 fewer american jobs just by the end of this calendar year. it will reduce economic growth this calendar year by 18/3. we cannot afford to do that. an analysis yesterday by the economic policy institute estimates that next year, 2014, it will cost us two million jobs. so the issue is not whether we should steadily reduce our long-term deficits, but how we do it. we believe that our budgets should be blueprints for economic growth that lead to greater upward mobility, rising middle class wages, and shared prosperity. we believe we should share responsibility for reducing the deficit rather than providing tax breaks for the very wealthy while balancing the budget on the backs of the middle class, on the backs of our kids' education, and by violating our commitments to seniors. this republican bu
makes that job deficit work. unfortunately this republican budget fails that very simple test. the nonpartisan, independent, congressional budget office has shown that the approach taken in this budget will result in 750,000 fewer american jobs just by the end of this calendar year. it will reduce economic growth this calendar year by 18/3. we cannot afford to do that. an analysis yesterday by the economic policy institute estimates that next year, 2014, it will cost us two million jobs. so the...
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Feb 26, 2013
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the single biggest threat or the deficit and debt. the single best thing we could do for the economy is find ways to make changes that contribute to deficit reduction. >> thank you. >> thank you, mr. chairman. thank you for your testimony. there is a column which says the future has no lobby. i hear these numbers on the discretionary side -- $600 billion on the revenue side. all these done in the short-term deals and not addressing the main issue. it makes me think he is right about that. if we don't do something about this, we will fail to invest in the future of this country. i do not know the answer to that. i would suggest -- the longer we delay this, the harder it will be to solve. we have to find a way to come together. we have to send a message that we're serious about this. this congress has not done this. i would encourage you to think about how we can work together on this with a sense of urgency. i wonder if you have a reaction to that. >> i am beside myself with urgency. i think this is a big problem. we can fight about th
the single biggest threat or the deficit and debt. the single best thing we could do for the economy is find ways to make changes that contribute to deficit reduction. >> thank you. >> thank you, mr. chairman. thank you for your testimony. there is a column which says the future has no lobby. i hear these numbers on the discretionary side -- $600 billion on the revenue side. all these done in the short-term deals and not addressing the main issue. it makes me think he is right about...
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of time do not reduce the deficit. so the president challenged us to look at all of the expenditures that government makes and whether it is about entitlements, taxes, discretionary spending to see if we could come to some agreement on how to go forward. to govern is to choose. to govern is to choose. when we want to subject our expenditures to the scrutiny that we should do, so that we know the taxpayer is getting his or her money's worth out of this, and at the initiative is doing the job it sets out to do, we have to make judgments. if a particular initiative still a priority for s? -- for us? is there wasteful spending question -- spending? we have to be careful about how we do it. across the board cuts is not the way to do it. education, probably the best investment we can make in our future and our families. nothing brings more money to the treasury than the education of the american people. the president is advocating hate-12, higher education, nothing brings more money to the treasury then education. so cutting
of time do not reduce the deficit. so the president challenged us to look at all of the expenditures that government makes and whether it is about entitlements, taxes, discretionary spending to see if we could come to some agreement on how to go forward. to govern is to choose. to govern is to choose. when we want to subject our expenditures to the scrutiny that we should do, so that we know the taxpayer is getting his or her money's worth out of this, and at the initiative is doing the job it...
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we add an additional $1.85 trillion in new deficit reduction for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. this is a jobs and economic growth budget. we believe that with the unemployment rate that remains stubbornly high and a middle class that has seen their wages stagnate for toong, we cannot afford any threats to our fragile recovery. that's why our budget uses equal amounts of responsible spending cuts and new revenue from the wealthiest americans to fully replace the cuts from sequestration that threaten hundreds of thousands of jobs this year and cuts that will endanger our economic growth for years to come. the senate budget is a balanced and it is a responsible approach. now, the house of representatives is also working on their budget resolution as you know and there are serious differences between the visions and the values and the priorities within our two approaches. but the american people are going to have an opportunity to examine these budgets side by side. they are going to be able to decide which approach is best for our economy
we add an additional $1.85 trillion in new deficit reduction for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. this is a jobs and economic growth budget. we believe that with the unemployment rate that remains stubbornly high and a middle class that has seen their wages stagnate for toong, we cannot afford any threats to our fragile recovery. that's why our budget uses equal amounts of responsible spending cuts and new revenue from the wealthiest americans to...
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Apr 30, 2013
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we had a lot of talks about the deficit. we had the chairman of the ftc talk about the big case involving net neutrality. chairman give a on dodd-frank, and then the chairman of the cftc called for a paradigm shift. we have heard from two republican governors of stake facing different challenges and heard about what they are up to, and as well we have heard a lot about the economy. the president's chief economist earlier today taking a not so omble shot at former director david stockton. at the end of the day we have had not only some agreement on corporate tax reform, we have had an 80 murphy movie reference. you don't get those very often. a special thank you to our for allowing us to have this event here. i want to thank our colleagues at bloomberg for the editorial help with everything that played out today. this reminder for those who showed up this afternoon, bloomberg linc holds over 30 summits like these up around the world. the bloomberg hedge fund summit june for the new york, and the one we should all be looking f
we had a lot of talks about the deficit. we had the chairman of the ftc talk about the big case involving net neutrality. chairman give a on dodd-frank, and then the chairman of the cftc called for a paradigm shift. we have heard from two republican governors of stake facing different challenges and heard about what they are up to, and as well we have heard a lot about the economy. the president's chief economist earlier today taking a not so omble shot at former director david stockton. at the...
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achieve real deficit reduction. at a time when corporations are making record profits, stock market, and the wealthy americans' income continues to rise, the deficit reduction shouldn't be at the expense of the middle class families, senior citizens, and the poor. americans have demanded a fair approach to deficit reduction, alt americans, democrats, independents, and republicans. they want a fair approach to deficit reduction that makes sensible cuts, ask the wealthiest to share the burden, balance. we have been listening, mr. president, that's why this week budget committee chair, patty murray, will introduce a budget with both balanced priorities. her plan, democratic plan, will cut wasteful spending and reduce the deficit and invests in what the economy needs to grow really hard, to continue to build, to grow, and create a strong middle class. congressman ryan and his republican colleagues in congress have taken a different approach. an approach that makes it plain they missed the message in the november electio
achieve real deficit reduction. at a time when corporations are making record profits, stock market, and the wealthy americans' income continues to rise, the deficit reduction shouldn't be at the expense of the middle class families, senior citizens, and the poor. americans have demanded a fair approach to deficit reduction, alt americans, democrats, independents, and republicans. they want a fair approach to deficit reduction that makes sensible cuts, ask the wealthiest to share the burden,...
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Feb 21, 2013
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or they can come up with a larger deficit reduction package that would avoid sequester. but if they fail to act, then we are required by law to invoke the sequester. if we spend money we do not have, there are civil and possibly criminal penalties associated with that. we take our job very seriously at usda. it is something we do not want to do. it may be something we have to do. this is a risk that is man-made. the same thing is true on march 27. march 27 cons if congress has not continued the budget process, and provided a continuation of the continuing resolution, or passed a budget. theoretically, all government activity stops. that, of course, would impact our trade promotion efforts, food safety, our ability to provide credit to farmers right at the time they had to finalize the credit opportunities to put their crop in the ground. this is another risk that is man-made and could be avoided. there is a risk associated with not having a five-year farm bill. we know the senate passed a farm bill last year. we know the house agricultural committee passed a farm bill la
or they can come up with a larger deficit reduction package that would avoid sequester. but if they fail to act, then we are required by law to invoke the sequester. if we spend money we do not have, there are civil and possibly criminal penalties associated with that. we take our job very seriously at usda. it is something we do not want to do. it may be something we have to do. this is a risk that is man-made. the same thing is true on march 27. march 27 cons if congress has not continued the...
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that obviously exacerbated our deficits. and then, since then they've been coming down under president obama. he is very serious about responsible deficit reduction. he has signed into law significant deficit reduction already. but he insists that we do it in a balanced way because he does not believe it is fair to ask only some sectors of the population -- seniors, children who have disabled parents, kids who are just trying to go to college -- to bear the burden alone of the kinds of choices that we need to make. and so thats why he hopes to engage congress -- republicans and democrats alike -- in a process that leads to more deficit reduction that includes the kind of balance that was enshrined in the agreement recently reached over the fiscal cliff. >> in the past, when you've been asked what leverage he would have since he's not going to negotiate with them, you've pointed to the business community in the hopes that they would bring some pressure to bear on republicans. do you see that happening? are you satisfied -- >>
that obviously exacerbated our deficits. and then, since then they've been coming down under president obama. he is very serious about responsible deficit reduction. he has signed into law significant deficit reduction already. but he insists that we do it in a balanced way because he does not believe it is fair to ask only some sectors of the population -- seniors, children who have disabled parents, kids who are just trying to go to college -- to bear the burden alone of the kinds of choices...
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Feb 26, 2013
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in addition to congress acting on a deficit reduction plan that's balanced and promotes job creation, there are things this committee can do to help achieve these goals. from workers oversite to confirming well qualified nominees to reauthorization laws to reach consensus on the future of housing finance, there are steps this committee can take to promote consumer confidence, provide business priority to move forward with long term plans and strengthen our economic recovery. chairman bernanke, i look forward to hearing your views as both the fed and the congress pursue policies supporting our nation's economic recovery. i now turn to ranking member crapo. >> thank you, mr. chairman. today we will hear from our federal reserve chairman, ben bernanke, who will testify on the fed's monetary policy and the state of the economy. mr. bernanke, i want to thank you at the outset for your on-going initiatives to improve transparency of the federal open market committee. because so much is at stake for the u.s. economy, the fed has the responsibility to make as much information available to the
in addition to congress acting on a deficit reduction plan that's balanced and promotes job creation, there are things this committee can do to help achieve these goals. from workers oversite to confirming well qualified nominees to reauthorization laws to reach consensus on the future of housing finance, there are steps this committee can take to promote consumer confidence, provide business priority to move forward with long term plans and strengthen our economic recovery. chairman bernanke,...
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they're not talking to me about the deficit. they want to know what we're doing as far as putting the american people to work. can you expound upon that for me please? ms. fudge: absolutely. i thank the gentlelady. what we have done in this budget, not only did we put in $13 billion for work force training, for job corps, for dislocated workers, retraining, segment training but in total we have almost $500 billion worth of job creation built into our budget. more than any budget, more than any budget, whether it be the democratic caucus, the white house budget or the republican budget. we have doubled down on jobs in the c.b.c. budget. ms. brown: thank you, madam chair. mr. horsford: continuing on, as the chairwoman of the c.b.c. just talked about, the congressional black caucus budget is an alternative budget for the fiscal year 2014. it puts forth a plan that reduces the deficit by $2.8 trillion over the next decade and creates millions of jobs through significant investments toward job creation that will accelerate our econom
they're not talking to me about the deficit. they want to know what we're doing as far as putting the american people to work. can you expound upon that for me please? ms. fudge: absolutely. i thank the gentlelady. what we have done in this budget, not only did we put in $13 billion for work force training, for job corps, for dislocated workers, retraining, segment training but in total we have almost $500 billion worth of job creation built into our budget. more than any budget, more than any...
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Feb 27, 2013
02/13
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and our deficit still hovers just below $1 trillion. but the solution must be a big, balanced, and bipartisan deficit reduction plan monitored like plans like cooper-latourette, not the meat ax approach of sequestration. we can't pursue deficit reduction at all costs. the kur shouldn't be worse than the disease. the sequester will undermine our growing but still fragile economic recovery. the nonpartisan congressional budget office predicts sequestration would have economic growth for 2013 -- halve economic growth for 2013. another projects job loss for 2013 alone would hit 2.1 million jobs, mostly from small businesses. we just went through this not more than two months ago as we remember the fiscal cliff. sadly we seem no wiser for that experience. we continue to bicker rather than plan. we posture rather than negotiate. we delay rather than decide. we go from one crisis to the next, thereby threatening our economy and furthering -- further undermining the public's tenuous faith in its political institution. we lack a comprehensive ap
and our deficit still hovers just below $1 trillion. but the solution must be a big, balanced, and bipartisan deficit reduction plan monitored like plans like cooper-latourette, not the meat ax approach of sequestration. we can't pursue deficit reduction at all costs. the kur shouldn't be worse than the disease. the sequester will undermine our growing but still fragile economic recovery. the nonpartisan congressional budget office predicts sequestration would have economic growth for 2013 --...
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May 6, 2013
05/13
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it bears remembering that this president has signed into law over $2.5 trillion of deficit reduction. thee now in the midst of most precipitous decline in our deficit since demobilization after world war ii. it bears remembering that the goal of $4 trillion over 10 years in domestic production is achievable if there is a willingness to compromise on capitol hill, if there is a willingness to do what the president has done, which is put forward proposals that represent some difficult choices by everyone, and that includes republicans. that means that revenue has to be part of the deal, has to be part of the question, because otherwise you have to do deficit reduction on the backs of seniors or students or middle class families alone, and that is in the president's opinion neither appropriate nor fair. >> does the president believe this is conducive to this kind of discussion? >> he is willing to try anything. [laughter] whether it is a conversation on the phone or a meeting in the oval office or dinner at a restaurant, he is going to have the same kinds of conversations. thatll test th
it bears remembering that this president has signed into law over $2.5 trillion of deficit reduction. thee now in the midst of most precipitous decline in our deficit since demobilization after world war ii. it bears remembering that the goal of $4 trillion over 10 years in domestic production is achievable if there is a willingness to compromise on capitol hill, if there is a willingness to do what the president has done, which is put forward proposals that represent some difficult choices by...
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Mar 7, 2013
03/13
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to lower the deficit. the speaker even said when he was that the $800 billion in deductions that could be addressed in order to produce revenue. i think it's $1.1 trillion. our whole budget is $3.5 trillion. and so when we talk about reducing spending, we certainly must and we certainly have. $1.6 trillion in the previous congress. $1.2 trillion in the budget control act. but spending is also related to tax cuts. tax cuts are spending. tax expenditures, they are called. subsidies for big oil, subsidies to send jobs overseas, breaks for corporate jets, they are called tax expenditures, spending money on tax breaks. and that's the spending we must curtail as well. and if we do, we could come closer to the one-on-one of tax cuts, revenue and cuts in spending. we know they want to raise the age of medicare recipients because they won't touch these tax breaks for the wealthiest and the special interests in our country. it's just plain wrong. so democrats have put forth a fair and balanced plan. congressman chri
to lower the deficit. the speaker even said when he was that the $800 billion in deductions that could be addressed in order to produce revenue. i think it's $1.1 trillion. our whole budget is $3.5 trillion. and so when we talk about reducing spending, we certainly must and we certainly have. $1.6 trillion in the previous congress. $1.2 trillion in the budget control act. but spending is also related to tax cuts. tax cuts are spending. tax expenditures, they are called. subsidies for big oil,...
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Mar 19, 2013
03/13
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speaker, our real deficit is unemployment. let's eliminate this true deficit by bringing the president's american jobs act to the floor for a vote. it deserves a vote. mr. speaker, our mantra should be jobs, jobs, jobs. the speaker pro tempore: for what purpose does the gentleman from indiana seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman from indiana is recognized for one minute. >> mr. speaker, i rise today to honor an exceptional hoosier, dedicated public servant and a good friend of mine, martin. a man with a strong desire to help others and a man who has been a tremendous asset to the eighth district of indiana. martin has dedicated over 40 years of service to indiana, the eighth district, and to the republican party. he's currently serving his fourth term in elected office as county treasurer. he worked with many civic organizations and within the republican party, committee chairman and member of the eighth district central comm
speaker, our real deficit is unemployment. let's eliminate this true deficit by bringing the president's american jobs act to the floor for a vote. it deserves a vote. mr. speaker, our mantra should be jobs, jobs, jobs. the speaker pro tempore: for what purpose does the gentleman from indiana seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman from indiana is recognized for one minute. >> mr....
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Feb 11, 2013
02/13
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they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union. you need to come out and say this to your fellow citizens. >> i want to thank you of for having got the budget treaty ratified in parliament. that is a good sign for europe. i looked long and hard. i do not see what happened to your euro growth pact. where have those gone? we are here to talk tand to negotiate. there are points who will not give ground on. there's the question of flexibility. we need a genuine flexibility between budgetary lines and years. that is how we have managed to run the budget properly in the context of austerity
they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union....
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Mar 1, 2013
03/13
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the whole purpose of sequestration is deficit reduction. he is testifying it will slow that because of the impact on jobs and incomes. there has been testimony today the impact on gdp would be roughly a quarter of a percentage point. it is estimated it will contribute about 0.6% to a fiscal drag on the economic growth this year. i would like to hear your comments in relation to what chairman ben bernanke was saying about the idea of phasing it in overtime, having targeted reductions, the democratic minority keeps putting forward closing loopholes. let's not fire all these people that are paying their taxes, a part of an economy dredging our money back into the economy instead of having them on welfare and not being able to produce a part of the economy. this is turned down by the republicans. there was an article this week in one of the papers where speaker boehner was quoted in saying, in terms of the tax debate, because we all support tax restructuring, that he would take closing loopholes if given a lower rate for taxes. it seems to me c
the whole purpose of sequestration is deficit reduction. he is testifying it will slow that because of the impact on jobs and incomes. there has been testimony today the impact on gdp would be roughly a quarter of a percentage point. it is estimated it will contribute about 0.6% to a fiscal drag on the economic growth this year. i would like to hear your comments in relation to what chairman ben bernanke was saying about the idea of phasing it in overtime, having targeted reductions, the...